Message #9 From:
Jason Date: November 17, 2007 08:31:49 PM
Eldorado Exploration Well Results
IRVINE, Calif., Sept. 17 /PRNewswire-FirstCall/ -- Eldorado Exploration,
Inc. (Pink Sheets: EDEX) announced today the results of the acid frac
stimulation on the Wanner 27-1 well in Stark County, North Dakota. The Company
and its partners initiated an acid frac on 210' of the Lodgepole formation
with 1000 BBLS (40,000 gallons) of gelled acid at the rate of 35 barrels per
minute (1470 gallons per minute). After the acid frac, swabbing has returned a
total of about 400 barrels of largely drilling mud along with a portion of the
acid products and hydrocarbons. The swabbing rig was released and a pumping
unit has been ordered for the final completion of the well. Swabbing uses a
vacuum pull from above, and a pump pushes up from below, which can be much
more efficient to moving the heavy acid limestone mix from the frac process to
the surface.
The fluids include crude oil and gas, verified by geochemical analysis of
the fluid. Testing indicates that this Lodgepole reef well may be capable of
producing crude oil at the rate of 250 BOPD. Due to a bottom hole pressure
test of 4700 PSI, the zone could produce at a much higher rate after the zone
cleans up. The Lodgepole mound reef play was first initiated by a discovery
well drilled by Conoco in 1993 near Dickinson, North Dakota. By the end of
1996, there were 21 producing wells and 6 new fields. The better wells
produced at rates of 1000 BOPD to over 2500 BOPD with substantial volumes of
natural gas. Due to the subtle features, Lodgepole accumulations are difficult
to find using conventional Seismic methods. Eldorado Exploration, Inc. has a
6% Working Interest in the Wanner 27-1 well. The company has agreed to
participate in the drilling of 13 more Lodgepole wells in Stark County, North
Dakota with a 33% of the Working Interest on all 13 wells.
Eldorado Exploration, Inc. is an independent oil and gas company that
utilizes a process called Passive Induced Polarization 'PIP' to detect
electrostatic signals given off of some geological anomalies. In most cases, a
positive response indicates a hydrocarbon accumulation and a negative reading
is almost always a dry hole. When used with the standard geological tools and
methods, the PIP process improves the success rate for discovering oil and
gas.
Please be advised that statements made herein, other than historical data,
constitute forward-looking statements that involve risks and uncertainties
that could cause actual results to differ materially from those stated or
implied by such forward-looking statements. The potential risks and
uncertainties include, among others, potential volatility in the company's
stock price, increased competition, customer acceptance of new products and
services offered by the company, uncertainty of future revenue and
profitability, and fluctuations in its quarterly operating results. Please
also be advised that Eldorado Exploration is a non-reporting Pink Sheets
company and is not required to be registered with the Securities and Exchange
Commission.
